In Germany, there are increasing calls for an excess profit tax for companies profiting from the aftermath of the Ukraine war. In Argentina they are even a step further.

Argentinian head of state Alberto Fernández wants companies that make higher profits because of the Ukraine war to pay more taxes.

“While millions of people are at risk, a few benefit greatly,” Fernández wrote on Twitter on Monday evening (local time). The profit, which nobody expected, does not reach the people. The state must turn this around.

According to media reports, this could affect corporations that benefit from the rise in commodity and food prices as a result of the war – similar to the excess profit tax on war-related profits in the oil industry that is being discussed in Germany.

Argentina set a record for wheat exports in the first half of the economic year – and, according to industry sources, also exported more of it to Africa because of the war. The South American country is a major agricultural exporter.

At a meeting with Chancellor Olaf Scholz in May, the moderate leftist Fernández also brought up Argentina as an alternative energy supplier. His country has the second largest deposit of unconventional gas that can be sold in the form of liquid gas in the world.